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Mike Sullivan Trading Journal


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Mike Sullivan Trading Journal

  #11 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

TopStep Combine....


emini2000 View Post
Mike,

Could you explain exactly how the combine process works? Is there any cost to the process?

Emini

The combine I'm starting tomorrow is a $30k 20 day campaign.
I chose the 20day for it drops the daily limit to $75 from $150 on achieving
the $1500 profit target.
Cost $175.
Must see the acceptable instruments to trade. Yes, there are limitations.
I'm choosing CL and GC instruments.
You can't exceed $500 daily drawdown limit or a max drawdown of $1500. If you do, you're disqualified from being funded. So keep that in mind. You can still trade out bit if you achieve the $1500 profit, won't matter.
Commissions are a flat $5/contract. Must keep that in mind for the overall.
You can trade upto 3 contracts. You can't have open orders exceeding 3 contracts, otherwise they will be cancelled.
Can't hold positions through the overnight maintenance period. Yes you can trade after hours, just make sure any or all orders are closed prior to the overnight maintenance period. Otherwise all profits with that trade will be removed.

Mike S.

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  #12 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received


Cloudy View Post
Looks good. The setups have good reasoning behind them similar to other effective setups from other "schools" of thought.

I'm just wondering though. Is that volume indicator at the bottom the same as Cory's "volume stop"? Looks awfully similar.

Cloudy

Not sure of Cory's Vol Stop indy being similar to Right Line's....
All I know the indicator is titled RLOrderFlowEntry.
This shows asymmetry in the sense of hi vol at tops/bottoms of candles t take advantage of
in a trap trade, like the ABC formations creating an engulfing 'C' over/under 'B'.
If 'B' has asymmetry associated to it, I can look to take advantage of a decent impulse move
traping those longs/shorts...

I'm sure if you search long and hard enough you will find similarities to Mark's or any other commercially sold
indicator system.

I like the added sense of community with Right Line and feel that in and of itself is worth price of admission.

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The following 3 users say Thank You to msull35706 for this post:
 
  #13 (permalink)
Dallas, Texas
 
Experience: Intermediate
Platform: ninjatrader
Trading: crude oil
 
Posts: 88 since Dec 2011
Thanks: 70 given, 41 received



msull35706 View Post
Yes Amin.
Would/will use an ATM strategy in NT to manage the trade on multiple contracts.
Keep in mind for me now I'm only trading 1 CL or GC contract.
I was merely showing what one could/can make trading 3 contracts.
I intend to be at that area by mid 2014.
No need to go super fast on adding contracts. The goal is to continue taking
the high probability setups day after day building added confidence and trade without emotion,
especially with the money aspect of trading. Accept the results, repeat the trades and move on.
In time your account will be higher each week / month and that the transition to pro day trader is in place.
For me reaching that status is at least matching and/or exceeding my day job salary.
Ultimately have your major bills paid for like mortgage, car, etc.
Hopefully my journal will capture this transition and if it can help others along this along the way.... GREAT!!!

Mike S.


I think you are doing it the correct way. Perfect the trade execution, repeat, rinse, do it one more time. Most of us rookies have never done 100 or 200 trades of the same setup. Thus lack of confidence in our home made methods. If you keep at it you will build a good account. Then, position sizing should be the icing on the cake.

Amin

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  #14 (permalink)
Atlanta
 
Experience: Advanced
Platform: NT7
Trading: GC,ES,CL,6E
 
Posts: 29 since Jan 2011


msull35706 View Post
Has an Elliott Wave element to it. It's a market structure setup based on Order Flow Asymmetry.

The 'A' is a sign of a beginning of a trend with starting off with 2 consecutive matching Green/Red candles.

The 'B' is always going to be colored purple. This is the turning point bar
where buyers/sellers try to turn the market/trend.

The 'C' is the engulfing candle that states the trend is still in tact.
The engulfment is based on candle body only, not wick.

This setup is best taken on first instance in an up/down trend. That's why you will see me pass on multiple ABC's in current
trend/cycle. Sometimes the 15MA will be on opposite side of the 50MA on setup. In these cases, as long as the 15MA
has matching colors and sloping in the direction of the trade [Green and sloping up for a long / Red and sloping down for a short]

I would / will look to re engage an ABC after a price stall or a trend change that fails and resumes the existing stronger trend.

3 Contract result:
This trade was from 11/27/2013 and went for a total of 14tix.
In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 4tix for a total of 20tix or $200 on 3contracts.

Cool stuff Mike. Keep up the good work. If it's one thing I know and have learned the hard way, is that as a trader, the only thing I control is risk. So I have major misgivings about ABCs, 123s, or anything of that sort when trading on shorter time frames. I just think price projection is for the birds and will wind up costing you in the long run. I probably know EW as well as anyone around, and have attempted its use in combination with fibs, etc. and I won't bother telling you the results because it would be embarrassing.

Visit my futures io Trade Journal Reply With Quote
 
  #15 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received


christo64 View Post
Cool stuff Mike. Keep up the good work. If it's one thing I know and have learned the hard way, is that as a trader, the only thing I control is risk. So I have major misgivings about ABCs, 123s, or anything of that sort when trading on shorter time frames. I just think price projection is for the birds and will wind up costing you in the long run. I probably know EW as well as anyone around, and have attempted its use in combination with fibs, etc. and I won't bother telling you the results because it would be embarrassing.

Thx Christo for your input.
Time will tell as I post and journal the 4 core trading methods on how they work out.
If you saw my postings on the Vendor Right Line Trading thread, ABC's were happening all over the
place for profits.

Mike S.


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  #16 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received


avall38486 View Post
I think you are doing it the correct way. Perfect the trade execution, repeat, rinse, do it one more time. Most of us rookies have never done 100 or 200 trades of the same setup. Thus lack of confidence in our home made methods. If you keep at it you will build a good account. Then, position sizing should be the icing on the cake.

Amin

Thx Amin.
My whole intentions of what I'm doing is trial by fire on these core 4 methods.
I'm also working with Mark for Right Line, on a few other added trade setups
that are stalling patterns into the 15MA and that don't have any associated signals
to the qualified bar touching the 15MA

Again, will always keep ya posted here

Mike S.

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  #17 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

TopStep info

Emini2000

Just received my combine login info
Check these links out for added insight...

https://topsteptrader.herokuapp.com/combine_rules

T4 - Trading Platform ? Help & Feedback Center

The Platform vids are key since you need to trade of a different trade platform

Mike S.

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  #18 (permalink)
Manassas, VA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninjatrader Brokerage/Continuum
Trading: ES
 
Posts: 36 since Nov 2010
Thanks: 14 given, 29 received

Dedication

Mike,

I admire your dedication to going all in while learning RLT. Immersing yourself in the material and gaining a good foothold on the core structure of the setups is the best way to start out. For what it's worth my recommendation to you would be to track further details on your trades. Such as MAE, MFE, combined with the trade setups that you are taking. Having these statistics will allow you to further hone your targets and stops. It can be tedious and may seem labor intensive to track all that data but you will be surprised at how having those stats will not only allow you to hone your craft but also adds to your confidence in your method. I have to say I ma intrigued by RLT and Marks offerings.

What kind of insights can you provide regarding the trading room? Is it a free for all, or a casual moderated environment? What is the tone like in the room (traders helping traders or some know it all types)? Are the moderators screens available to bee seen and are the trades taken shown on the screen?

Cheers,
Jester

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  #19 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received


Jester View Post
Mike,

I admire your dedication to going all in while learning RLT. Immersing yourself in the material and gaining a good foothold on the core structure of the setups is the best way to start out. For what it's worth my recommendation to you would be to track further details on your trades. Such as MAE, MFE, combined with the trade setups that you are taking. Having these statistics will allow you to further hone your targets and stops. It can be tedious and may seem labor intensive to track all that data but you will be surprised at how having those stats will not only allow you to hone your craft but also adds to your confidence in your method. I have to say I ma intrigued by RLT and Marks offerings.

What kind of insights can you provide regarding the trading room? Is it a free for all, or a casual moderated environment? What is the tone like in the room (traders helping traders or some know it all types)? Are the moderators screens available to bee seen and are the trades taken shown on the screen?

Cheers,
Jester

Jester

Thx for logging/tracking advice. Much appreciated.
I've never participated in trade room.
I feel what is needed in a trade room if there are defined setups to take.
I start my trading day earlier than the room.
Mark will review charts if you want his advice on them, so to me that's totally worth it!!

Mike S.
BTW: If you reach out to Mark, he will most likely give you a 3 day trial in room to get a flavor on
setups. I would allow you to view my screen thru TeamViewer if need be, or anyone for that matter
if there's genuine interest....

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  #20 (permalink)
new york
 
 
Posts: 355 since Mar 2012
Thanks: 665 given, 579 received


best wishes on combine.

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